On the Geographical Dispersion of Euro Currency Trading: An Analysis of the First 20 Years and a Comparison to the RMB
DC Element | Wert | Sprache |
---|---|---|
dc.contributor.author | Westermann, Frank | |
dc.date.accessioned | 2023-02-17T11:32:12Z | - |
dc.date.available | 2023-02-17T11:32:12Z | - |
dc.date.issued | 2022 | |
dc.identifier.issn | 0888-7233 | |
dc.identifier.uri | http://osnascholar.ub.uni-osnabrueck.de/handle/unios/65293 | - |
dc.description.abstract | The Euro and the RMB are both relatively new currencies traded on the global foreign exchange market. While the Euro was introduced in 2001, China started cross-border settlement in RMB in 2009. We analyse the evolution of Euro trading based on data from the BIS triennial survey and compare the patterns to the experience of RMB internationalization. We find that-similar to the RMB-Euro trading displayed some convergence to the geographical pattern of all currencies in the first years of its existence. Thereafter, the convergence process appears to have come to halt. We document that the determinants of Euro trading include links to offshore trading centres, economic and institutional characteristics, but these turn out to be rather unstable over time. The RMB, in comparison, displays a clear convergence pattern and is more strongly influenced by policies and recent trade disputes. Furthermore, we compare the geographical dispersion of Euro trading to the previous D-Mark period and to other commonly used international currencies. These results help to interpret the evidence on initial convergence as a rebound effect from a decline in the international use of the D-Mark during the 1990s. | |
dc.description.sponsorship | Hong Kong Institute for Monetary and Financial Research; Frank Westermann gratefully acknowledges financial support from Hong Kong Institute for Monetary and Financial Research. This paper represents the views of the author, which are not necessarily the views of the Hong Kong Monetary Authority, Hong Kong Institute for Monetary and Financial Research, or its Board of Directors or Council of Advisers. The above-mentioned entities except the author take no responsibility for any inaccuracies or omissions contained in the paper. The author also would like to thank three anonymous referees for helpful comments and Louisa Grimm for excellent research assistance. | |
dc.language.iso | en | |
dc.publisher | PALGRAVE MACMILLAN LTD | |
dc.relation.ispartof | COMPARATIVE ECONOMIC STUDIES | |
dc.subject | Business & Economics | |
dc.subject | Economics | |
dc.subject | Euro and RMB Internationalization | |
dc.subject | FX Turnover | |
dc.subject | Geographical Trading Pattern | |
dc.subject | RENMINBI | |
dc.title | On the Geographical Dispersion of Euro Currency Trading: An Analysis of the First 20 Years and a Comparison to the RMB | |
dc.type | journal article | |
dc.identifier.doi | 10.1057/s41294-022-00196-1 | |
dc.identifier.isi | ISI:000836980600001 | |
dc.identifier.eissn | 1478-3320 | |
dc.publisher.place | BRUNEL RD BLDG, HOUNDMILLS, BASINGSTOKE RG21 6XS, HANTS, ENGLAND | |
dcterms.isPartOf.abbreviation | Comp. Econ. Stud. | |
dcterms.oaStatus | hybrid | |
local.import.remains | affiliations : University Osnabruck | |
local.import.remains | earlyaccessdate : AUG 2022 | |
local.import.remains | web-of-science-index : Emerging Sources Citation Index (ESCI) | |
crisitem.author.dept | FB 09 - Wirtschaftswissenschaften | - |
crisitem.author.deptid | fb09 | - |
crisitem.author.parentorg | Universität Osnabrück | - |
crisitem.author.netid | WeFr948 | - |
Seitenaufrufe
1
Letzte Woche
0
0
Letzter Monat
0
0
geprüft am 06.06.2024